MedMira Announces First Quarter Results

About this update from Medmira Inc.

[{"type":"text","content":"\n\n\n\n Dec. 30, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nHALIFAX, Dec. 30 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,\n NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology\n and solutions, today announced its financial results for the three\n month period ending October 31, 2010. Product sales in the first\n quarter were $176 thousand, compared to $376 thousand in the same\n quarter last year. The net loss for the quarter was $1.1 million or\n $0.005 per share compared with a net loss of $1.1 million or $0.007 per\n share in the same period last year. Overall gross margin for the\n quarter was 48%, compared to 58% last year. Internal and general\n operating expense was $536 thousand compared to $740 thousand for the\n same period last year.\n\n\n"The first quarter was slower than expected for MedMira due to the\n longer sales cycle our strategic business development partners are\n experiencing in international markets.  In the multi-layer agreements\n we and our business partners are pursuing in markets such as Africa,\n South East Asia, and Latin America, the sales cycle, negotiations on\n terms and conditions, and so on are extensive and complex," said Hermes\n Chan, CEO, MedMira Inc. "We are working towards bringing the right\n balance of higher margin orders along with large volume deals from both\n the developed and developing regions of the world to MedMira.  We\n believe that this mix of customers w...

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